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Single tax for entrepreneurs and individuals in Minsk to increase by 15%

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Single tax for entrepreneurs and individuals in Minsk to increase by 15%

Tax rate increase depends on the activity, but the average rate fixed at 15%.

Nadzeja Baldyrova, the First Deputy Head of the Minsk Ministry of Taxes and Duties, recalled that since January 1, 2015 income tax rate for individuals increased to 13 per cent. The fee for renting out apartments for a long term rose to 15-20%, BelaPAN reports.

She also noted that individuals are required to file an annual income-tax return until March 1 for 2014 and cover it until March 15.

"In general, taxation authorities are trying to maintain stability in tax legislation sphere so that there is nothing to worry about for an accountant, for example. So that employees can easy perform norms of the tax legislation without going into details. In principle, there is a stability and the changes can be characterized as corrective", Baldyrova said.

She noted that according to amendments to the Tax Code, entered into force on January 1, there had been introduced the VAT tax break to finance the acquisition of durables in leasing by citizens. Within the Eurasian Economic Union it was decided to launch the electronic VAT declaring for importers.

Local authorities are allowed to charge a property tax rate increased from 2 to 2.5. Income tax for banks increased from 18 to 25 per cent, Baldyrova added.

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